PROS CONS
Well-regulated South African broker that is an FSCA-licensed OTC derivatives provider Limited account currency options
MetaTrader 4 provided across devices including the web, desktop, and mobile platforms Limited funding options
Trading tutorials, educational material and market analysis provided Individual stock trading not supported
A dedicated account manager is provided when traders register a live account
There is a choice between retail trading account types
PROS CONS
Free trading signals provided through a reputable third-party software Inactivity fees are applied
Comprehensive educational material provided A high minimum deposit is required when traders register a standard account
A wide range of advanced trading tools is offered to experienced traders who want to add a competitive edge to their trading
Powerful and user-friendly third-party trading software provided in addition to proprietary trading platforms
Competitive spreads and low commissions charged on forex pairs and other instruments
Multi-regulated broker with a high trust score
Withdrawal and deposits are free on the payment methods supported
FIX API DMA trading offered to professional traders
PROS CONS
Plus500 has several authorised subsidiaries in several jurisdictions around the world Fixed spreads are not provided
User-friendly proprietary trading platform that supports social trading There is an inactivity fee charged on dormant accounts
Commission-free trading offered on all financial instruments and standard accounts
Flexible account funding options offered
Wide range of tradable financial instruments
PROS CONS
Multi-regulated and multi-award-winning forex broker with a high trust score The typical spreads are not the tightest
Fixed and tight spreads offered on the retail investor account Limited selection of retail investor accounts offered
Commission-free trading offered on forex pairs and other instruments Variable spreads are not provided
Proprietary trading platform with other flexible trading platforms offered
Social trading opportunities provided through powerful proprietary trading platforms and mobile trading apps
PROS CONS
Member of the Financial Commission providing investor protection Fixed spread accounts are not offered
Offers MetaTrader 4 and 5 through which trades can be carried out Limited tradable instruments available
Trading signals are provided through AutoChartist Lack of comprehensive education material
PAMM Accounts are offered to fund managers
The newsfeed is streamed through FxWirePro
PROS CONS
Multi-regulated and trusted broker with a high level of trustworthiness MetaTrader 5 is not offered
Competitive spreads are offered to consist of raw and tight spreads There may be restrictions on the maximum leverage that is applied to accounts
Low and competitive commission charges all types of accounts
Flexible funding options are provided for easy deposits and withdrawals
Deposit fees and withdrawal fees are not charged
Powerful and advanced trading tools offered
PROS CONS
Intuitive and user-friendly proprietary trading platform supplied MetaTrader platforms are not supported
Low minimum deposit requirement Islamic Accounts are not offered to Muslim
Flexible funding options supported
Thousands of tradable instruments are available across different global financial markets
Well-regulated and safe broker offering trading for beginners
PROS CONS
Well-regulated broker with a high trust score An inactivity fee is charged on dormant accounts
Tight average spreads are offered along with reliable trade execution speeds
Offers a range of trading instruments
Commission-free trading is offered
Low minimum deposit requirement when traders register for an account
Multilingual customer support service offered as well as demo trading with virtual funds
PROS CONS
Large range of complex instruments available including currency pairs Inactivity fees are charged after 3 months of inactivity
Well-regulated by reputable market regulators in several areas
Offers powerful forex trading platforms and mobile apps when trading forex markets and other instruments according to the investment objectives of traders
Deposit fees and withdrawal fees are not charged on deposit methods or withdrawal options
Flexible account funding options offered in addition to the benefit of negative balance protection
Commission-free trading on forex pairs
PROS CONS
Premium trader tools provided to experienced forex traders when they trade the foreign exchange market and other asset classes Social trading is not supported
NDD Execution model with instant executions and the option for leveraged trading There are no managed accounts offered
Well-regulated in several areas by reputable market regulators The average spreads are not the tightest
Offers a choice in forex platforms and negative balance protection on accounts Commissions are much higher than other brokers
Offers competitive trading costs to all traders despite their trading experience

Several brokers offer the ideal trading environment for beginner forex traders but the ten on this list are considered the best beginner-friendly forex brokers.

Beginner forex traders must consider the broker regulation, educational materials, client services, and the provision of virtual trading that offers enough virtual funds which are preloaded.

Regulation and authorisation with a known and trusted market regulator, the provision of a free demo account for virtual trading which has virtual funds, a reasonable minimum deposit requirement, adequate educational material, and excellent customer service.

Beginner brokers are focused on novices and provide them with the tools and resources they need to start trading in the forex market.

Professional brokers provide their more experienced clients with advanced trading tools and comprehensive trading solutions to refine their trading skills to become profitable traders.

The first is to start learning about forex and how the market works by accessing educational materials, e-books, tutorial articles, online courses, and several others.

The next step is to start practising trading in a virtual environment where real money is not at risk. Once you start trading, control your position sizes, use risk management tools, and follow a solid trading plan.